Money, Finance and Banking Blog in Pakistan
Posts tagged Credit Card
‘Deadly Weapon of Consumer Banking’
Aug 6th
The article appeared in The Financial Daily. We are posting for your interest and would appreciate your comments.
I would like to inform, through this article, the honorable public of Pakistan about highly dangerous and deadly invisible ‘weapon’ that some foreign banks operating in the country are using. These banks, through some of their services like consumer financing, give mental worries to the customers.
They can be named as ‘murderers’ as their practices have destroyed, some way or the other, lives of a number of people as we know that mental worries make the man weaker at much faster pace and even More >
How Banks Can Reduce Credit Card Frauds?
Aug 5th
The recent hype over Shumaila Anjum’s credit card case must have left many bankers pondering over how to reduce such fraudulent practices in future.
Well, for starters if producing photo-cards is expensive then the least banks can do, is ask their merchants to check for photo identity proof at the time of the transaction – particularly for those involving high amount.
To further guard against frauds, the banks can also start sending cellular SMSs to their customers immediately after the transaction to that remedial action can be taken promptly, if need be. Although this service is currently being offered by some banks, More >
Banks Cut Credit Card Limits to Rupees One Million
Jul 30th
Vacationing Pakistanis are having difficulties abroad because banks have cut their credit cards limit to one million Pak rupees.
On instructions of the State Bank of Pakistan, banks are allowed to issue credit card to one person with a maximum unsecured limit not exceeding Rs1,000,000 subject to mandatory check and prescribed debt burden and condition that total unsecured credit limits availed by that person from all banks does not exceed Rs1 million.
As a result of the above instructions Pakistanis having one or more credit cards have had their total credit card/cards limit reduced irrespective of their disposable income or a clear More >
Royal Bank of Scotland Launches RBS Platinum Card
Jul 30th
Royal Bank of Scotland Limited (RBS) launched the RBS Platinum Card targeted at the growing affluent population in Pakistan.
The Platinum Card with its premium style benefits and features is designed to complement the lifestyle aspirations and preferences of its target client segment and demonstrates the bank’s commitment to bring to market client-focused and innovative products and solutions.
Head of Retail Banking, RBS, Salman Sarwar Butt said “The credit card market in Pakistan is highly competitive with a variety of brand choices available for the consumers.”
“To make your credit card the preferred choice, you need a unique proposition, offering differentiated benefits and More >
Bank Managers Summoned in Shumaila Rana Credit Card Fraud Case
Jul 21st
District and Sessions Court Lahore on June 20, 2009 summoned the mangers of United Bank Limited (UBL) and Bank Alfalah Limited along with record of the credit cards allegedly stolen and misused by Pakistan Muslim League-Nawaz MPA Shumaila Rana.
The court issued these directions in an application submitted by the Ghalib Market police seeking court directions to get the credit cards record from the banks.
Police submitted that it required credit cards information from the relevant banks for the investigation in the case of Shumaila Rana.
The court summoned the bank managers and directed them to provide the credit cards records as per More >
